In this episode, Richard Blanford shares his journey of building Fordway, an IT services business, from its inception in 1991 through various transformations, highlighting key lessons on sales, customer relationships, tendering, and business resilience.
Richard Blanford also shares his journey of building and exiting a successful MSP business, offering insights on leadership, business growth, and preparing for sale.
Chapters
00:00 - Podcast and guest introduction.
00:44 - Founding Fordway and early 90s PC networking.
02:42 - Launching technical support and early business growth.
5:07 - Pros and cons of public sector loyalty vs. retendering legislation.
07:47 - Shared industry backgrounds in data networking.
08:48 - Four golden rules for sales success.
12:08 - Learning from business mistakes and building resilience.
14:42 - Market shifts, outside mentorship, and public sector opportunities.
18:44 - 2008 financial crisis and shifting to recurring managed services.
21:35 - Public sector tendering challenges and moving to the cloud. 2
28:57 - Project delivery vs. service delivery models.
31:31 - Target mid-market focus and 24/7 client capability.
33:46 - Service charters, gold customer perks, and contract standardization.
36:57 - Knowing when to walk away from unsustainable deals.
38:58 - Decoding public sector tender matrices and clues.
41:12 - Cultivating strong references and specialized bid writers.
43:06 - Procurement frameworks and a 20% tender win rate.
46:05 - Shifting executive roles and the Entrepreneurial Operating System (EOS).
47:49 - EOS Visionary vs. Integrator dynamic and alignment.
51:21- Why managed services flips the traditional organization chart.
54:14 - Team culture, open exit planning, and staff cadences.
56:32 - Managing staff appraisals and Individual Development Programs (IDPs).
59:46 - Tailoring communication based on behavioral testing metrics.
1 hour 02 minutes - Strategic advice for modern MSPs and channel realities.
1 hour 06 minutes - Defining your business pond and standardizing service tiers.
1 hour 09 minutes - Realities of preparing an MSP for a private equity exit.
1 hour 14 minutes - Strategic alignment with buyers and timing your exit.
1 hour 19 minutes - Post-exit purpose, ownership management buyout strategies, and hard work.
1 hour 24 minutes - Maintaining physical fitness and a grounded circle of friends.
1 hour 25 minutes - podcast wrap-up.
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